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Tinubu Approves Consumer Credit Scheme Take-off

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President Bola Tinubu has approved the first phase of the Consumer Credit Scheme to begin, with the aim of empowering Nigerians and improving quality of life. Presidential spokesman Ajuri Ngelale's statement indicated that working Nigerians interested in receiving consumer credit can visit CREDICORP's website and express their interest before the May 15, 2024 deadline.

According to the statement issued on Wednesday 24th April 2024, the presidential spokesman disclosed that the Consumer Credit Scheme will “It facilitates crucial purchases, such as homes, vehicles, education, and healthcare, essential for ongoing stability to pursue their aspirations.

“Through responsible repayment, individuals build credit histories, unlocking more opportunities for a better life. Additionally, the increased demand for goods and services stimulates local industry and job creation.

“The President believes every hardworking Nigerian should have access to social mobility, with consumer credit playing a pivotal role in achieving this vision.

“This initiative, in collaboration with financial institutions and cooperatives nationwide, aims to broaden consumer credit availability.

“The scheme will be rolled out in phases, starting with members of the civil service and cascading to members of the public.”

The CREDICORP’s objectives include: “(1) Strengthening Nigeria’s credit reporting systems, ensuring every economically active citizen has a dependable credit score. This score becomes personal equity they build, facilitating access to consumer credit.

“(2) Offering credit guarantees and wholesale lending to financial institutions dedicated to broadening consumer credit access today.

“(3) Promoting responsible consumer credit as a pathway to an improved quality of life, fostering a cultural shift towards growth and financial responsibility.”